Note 14. Leases
Capital Leases:Assets under capital leases are as follows:
Capital Lease Liabilities are primarily related to NIST and NOAA. In 1996, NIST entered into a capital lease for an office building in Gaithersburg, Maryland. NOAA has real property capital leases covering both land and buildings. The majority of these leases are for weather forecasting offices, but the leases are also for radar system sites, river forecasting centers, and National Weather Service enforcement centers. NOAA’s real property capital leases have an average life of 22 years. Capital Lease Liabilities:Future payments due under capital leases are as follows:
Operating Leases:Most of the Department’s facilities are rented from the U.S. General Services Administration (GSA), which generally charges rent that is intended to approximate commercial rental rates. For federal-owned property rented from GSA, the Department generally does not execute an agreement with GSA; the Department, however, is normally required to give 120 to 180 days notice to vacate. For non-federal owned property rented from GSA, an occupancy agreement is generally executed, and the Department may normally cancel these agreements with 120 days notice. The Department’s 1) estimated real property rent payments to GSA for FY 2006 through FY 2010; and 2) future payments due under noncancellable operating leases (non-GSA real property and personal property) are as follows:
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